2005 News Releases

Fed Opens New Houston Branch Building

HOUSTON—Three years
after breaking ground on its new headquarters, the Houston
Branch of the Federal Reserve Bank of Dallas officially
opened today at 1801 Allen Parkway.

Keynote speaker was Federal Reserve
Chairman Alan Greenspan, who said, “We, in what
may seem like distant Washington, highly regard the
work that goes on here. Your efforts contribute directly
to the Fed’s reputation as a credible, efficient
central bank that can be depended upon, not just daily,
but in times of crisis as well.”

The building was dedicated to
Houstonian and former Federal Reserve Governor Edward
“Mike” Kelley.

The 280,000-square-foot building
occupies 9 acres, previously occupied by Jefferson Davis
Hospital. The Branch was constructed at a cost of $95
million.

No taxpayer funds were used to
build the facility. Construction of Federal Reserve
Bank buildings and their branches is funded with income
the Fed earns from interest on Treasury securities,
fees paid by financial institutions for Fed services
and interest on loans made to commercial banks.

The Allen Parkway building will
house 220 employees and contain a major currency operation
for receiving and distributing cash and coins to financial
institutions throughout southeast Texas. Additional
functions in the building include banking supervision,
economic research, economic education, community affairs,
personnel and purchasing.

“This building will allow us to expand currency
operations as well as enhance security,” said
Robert Smith III, senior vice president in charge of
the Houston Branch. “Considering Houston is the
fourth largest city in the nation and Texas is the second
most populous state, this branch will be a great asset
in serving the growing financial and economic needs
of this area.”